ACC401 week 2 Discussions

Week 2, Discussion 1

 “The best means of verification of cash, inventory, office equipment, and nearly all other assets in a physical count of the units; only a physical count gives the auditors complete assurance as to the accuracy of the amounts listed on the balance sheet.”  Evaluate this statement.  

Week 2, Discussion 2

 Complete Discuss what is meant by the phrase “shopping for accounting principles.”  What mechanisms have served to prevent this practice by management?